6 ms·

China orders Alibaba founder Jack Ma to break up fintech empire

43 points by jetrink 6y ago

k__ 6y ago
Aren't China's companies (at least partially) owned by the state?
- whoevercares 6y ago
  Looks like this news is the best counter-example LOL. What a stereotype. There are tens of millions of small businesses around China and it’s technically impossible for them to be partially state owned. The common misperception is CCP will have a “branch” in your company —- that doesn’t mean anything related to ownership and it’s just symbolic most of times
- chris5745 6y ago
  I found an article on the subject and the following is an excerpt: The answer to the question “does the party control a company?” is that it is impossible to tell. In the current environment, fewer foreign governments want to give Beijing the benefit of the doubt. If there was any question as to who was in charge of the economy and business, Xi’s local and overseas critics alike only have to take the Chinese leader at his word, that in private enterprises, as with state-owned firms and every institution in China, the party is the ultimate authority. https://www.theguardian.com/world/2019/jul/25/china-business-xi-jinping-communist-party-state-private-enterprise-huawei https://www.theguardian.com/world/2019/jul/25/china-business...
- personaljesus 6y ago
  They get big and then yes. https://www.ibtimes.sg/china-ccp-nationalize-jack-mas-alibaba-ant-group-54444 https://www.ibtimes.sg/china-ccp-nationalize-jack-mas-alibab...
whoevercares 6y ago
Oops the highly expected aggressive actions against Alibaba didn’t happen —- bad day for the big short. I bet many were expecting or believe CCP would directly jail Jack Ma and take over Alibaba.
samstave 6y ago
I just spoke to a very interesting lobbyist on the plane about how what’s really going on is there is a race between Facebook and China to own the global digital currency market. And fb is trying to tie all their 3B users under a single payments.
- traceddd 6y ago
  If this were true, why would China break up Jack Ma, weakening fintech presence for the immediate future?
  - samstave 6y ago
    They are building sub-empires within the CCP - not “breaking up” Ma... Imagine “breaking up” insta and FB and all their attention-channels where the USG can demand fealty % individually upon each depending on which prosper more whilst all built on the substrates of identity, relationships and payment behaviors.... ??? Please throw darts at that.
- schmorptron 6y ago
  That's super interesting. Anywhere I can read more about this?

43 points by jetrink 6y ago

k__ 6y ago

Aren't China's companies (at least partially) owned by the state?

whoevercares 6y ago
Looks like this news is the best counter-example LOL. What a stereotype. There are tens of millions of small businesses around China and it’s technically impossible for them to be partially state owned. The common misperception is CCP will have a “branch” in your company —- that doesn’t mean anything related to ownership and it’s just symbolic most of times
chris5745 6y ago
I found an article on the subject and the following is an excerpt: The answer to the question “does the party control a company?” is that it is impossible to tell. In the current environment, fewer foreign governments want to give Beijing the benefit of the doubt. If there was any question as to who was in charge of the economy and business, Xi’s local and overseas critics alike only have to take the Chinese leader at his word, that in private enterprises, as with state-owned firms and every institution in China, the party is the ultimate authority. https://www.theguardian.com/world/2019/jul/25/china-business-xi-jinping-communist-party-state-private-enterprise-huawei https://www.theguardian.com/world/2019/jul/25/china-business...
personaljesus 6y ago
They get big and then yes. https://www.ibtimes.sg/china-ccp-nationalize-jack-mas-alibaba-ant-group-54444 https://www.ibtimes.sg/china-ccp-nationalize-jack-mas-alibab...

whoevercares 6y ago

Oops the highly expected aggressive actions against Alibaba didn’t happen —- bad day for the big short. I bet many were expecting or believe CCP would directly jail Jack Ma and take over Alibaba.

samstave 6y ago

I just spoke to a very interesting lobbyist on the plane about how what’s really going on is there is a race between Facebook and China to own the global digital currency market. And fb is trying to tie all their 3B users under a single payments.

traceddd 6y ago
If this were true, why would China break up Jack Ma, weakening fintech presence for the immediate future?
- samstave 6y ago
  They are building sub-empires within the CCP - not “breaking up” Ma... Imagine “breaking up” insta and FB and all their attention-channels where the USG can demand fealty % individually upon each depending on which prosper more whilst all built on the substrates of identity, relationships and payment behaviors.... ??? Please throw darts at that.
schmorptron 6y ago
That's super interesting. Anywhere I can read more about this?